Member Info for addicknt

DBW, I'm not sure I completely agree with your analysis of the source of our problems. I'd argue that all the talk of being 'bigger than BHP' etc, demonstrated the board had totally lost sight of why it existed. Equally, it became detached from any form of reality.

RK, I was interested in your comments about tax liabilities in the event of a spin-off.
A couple of days ago I mentioned something almost identical happened at Sound Energy and shareholders were given 'free shares' in newco. There was no tax liability.
I suppose the argument is that because you already own the value of the new shares by virtue of your existing holdings in topco, at issue price no profit has been realised. Wild speculation pushed up the sp of the Sound spin-off and all sensible folk sold asap, at which point a CGT liability was incurred - although not for me as my shares were held in a SIPP.
I'm certainly no tax expert and may be barking up the wrong tree, but I do know shareholders weren't hit with a tax bill.
I don't know what the answer is here, but a piece of advice I used to give my clients was that you shouldn't let tax considerations dictate your strategy. If the deal is a good one, go for it.

RK, I agree, it won't and I sincerely hope it happens. However, by definition, it's not the only possible outcome.

My view on this hasn't changed over the years, but I would say absolutely nothing is guaranteed. The SR could easily spring a surprise.

RK, not a chance of your 16:19 happening.

Copper, remind me, which group is Ireland in?

I seem to recall Sound Energy did something similar. We were given shares in a company which was spun-off. I had a bunch of shares and sold immediately upon listing and made far more money with that one transaction than I ever did holding Sound. (I think it was Sound, but may have been something else...the memory fades)

Q, you surprise me. I'd have thought you'd want to vote for the Specials.

Minus 150m debt.

Bozi, perfectly feasible, but I suspect the delayed IPO would be a problem.
Simply stating that the company "intends" to go public in due course is unlikely to be very appealing. Of course, a team could be lined-up now and would be ready to roll once the deal had been announced - and who knows, that may be the plan...with NM in the chair?
I've always said I wouldn't mind this approach provided Cascabel was sold and the proceeds distributed to shareholders.

Bozi, that's not the point - I'm not talking about the process, but the ongoing management of the company. The market needs to see permanent board members, their track record and ability to manage the company. It's a non-starter without a CEO/CFO.

Fort, you make a very good point about the CFO. In the absence of permanent executive officers, there's no way we could complete an IPO. And there hasn't been any suggestion that we're looking for them.

Q, the response would be: "we're waiting for the outcome of the SR".
I certainly agree with your point about ambiguity. The company is a past master at issuing announcements that leave shareholders scrabbling around in the dark looking for hints, which leads us to speculation. I'd like to see an end to this; straightforward, unambiguous statements, please.

Q, I suspect they're asking themselves the same question.

Bozi, this suggestion has been around for some time and it certainly has some merit. I'm pretty sure it's one of the options Citi/Maxit will be examining.

Initially I had credited this bloke with a degree of intelligence - I now see I was mistaken.

The fatal flaw in your argument is that you don't understand the process we're currently engaged in, and the timelines involved.
Your claim that the imminent sale mantra gets weaker every day is, I'm afraid, complete tosh. The exact opposite is true. What exactly do you think Citi and Maxit are doing?

"We won't sell before Dec '23" Followed by: "Beware posting unsubstantiated conjecture".

I assume you can see the contradiction?

Indeed Quady, because they do - that's the nature of any business. Anyway, it's good to see you now accept the fact...which is quite a shift from your long held opinion.

We shall see. Life has changed beyond recognition and is seems odd that some people haven't recognised the fact.